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Forex24 Review - is it scam or safe?

Forex24  Review - Is forex24.com scam or good forex broker?

RATING: 3 / 3 REVIEWS ForexBrokerz Forex24
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Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Mini Bronze $100 1:50 From 2.9 pips
Classic Silver $500 1:400 From 1.90 + $5.90 commission per lot 
Premium Gold $1,000 1:200 From 1.40 + $4.90 commission per lot 

 

Forex24 is a forex broker, which provides the trading conditions mentioned in the table above. While the maximum leverage ratios seem may seem chosen a bit chaotically, the rest of their offer seems coherent. As a whole, the company leaves mixed feelings and the only way to find out why is to go through the full review. 

 

Forex24 Advantages

 

CySEC regulation

The biggest factor when comparing brokers (and the main contributor to this one’s score) is the regulatory aspect. Forex24 is owned by Lydya Financial Ltd., which is overseen by the Cyprus Securities and Exchange Commission (CySEC). This is a globally renowned regulatory agency, which is also a preferred choice for those who are looking to do business in the EU legitimately.

 

STP business model

A Straight Through Processing broker is one which doesn’t take the other sides of their clients’ trades (i.e. will not directly profit if you loose money with them). Instead all the transactions are executed at an external liquidity pool. While this isn’t that important when it comes to tightly regulated companies, some people will prefer this as opposed to a Market Maker (a broker, profiting from client losses).

 

Trading with MetaTrader4 

Forex24 provides access to the global markets via a platform, which doesn’t need introduction. This is the industry leading software for over a decade and while it may seem outdated, it still does the job fine (keep in mind, a lot of updates have been released over the years). One could find some of the best charts on MT4, alongside with a lot of customization options. Automated trading can also be done, via the so-called Expert Advisors. 

 

Convenient payment methods

Forex24 allows traders to make payments via Bank Transfer, Credit Card, Skrill and Neteller. This is an impressive list, featuring two of the most popular e-wallets.

 

Decent minimum deposit 

The entry bar set by this broker is acceptable. While there are companies taking clients with even smaller initial investments, if you can’t afford to risk $100, financial markets should be the least of your priorities. No matter what your current situation is, be sure to only deposit funds you are willing to risk.

 

High leverage provided 

As we stated in the beginning, the ratios offered by this broker are distributed a bit randomly. Still, all of them will allow one to trade fairly efficiently, with the medium sized clients (betweem $500 and $1,000) getting up to 1:400. Keep in mind, trading with higher leverage does not guarantee better results – in fact it is frequently quoted as the main reason why newcomers loose money in the markets.

 

Connected to ZuluTrade

As well as offering the standard trading features, Forex24 is also connected to ZuluTrade. This is a social trading network, which much like the typical ones, like Facebook, allows users to share their activity, only this time it comes to the deals they make on the forex market. Another key difference and the reason for this system’s existence is the fact one can copy the activity of another trader, in essence investing in him. See the link below to learn more and find other brokers also offering this service.

 

>>A list of ZuluTrade brokers<<

 

Forex24 Disadvantages

 

High costs of trading

The most unpleasant thing when it comes to Forex24 is the fact they aren’t competitive, when it comes to spreads. While the 2.9 pips level for the smallest account type is fairly straightforward, the rest of the levels require a bit of a clarification due to the additional fees.

 

These charges are usually mentioned on a per lot, “per trade” basis, meaning you will only pay once, when opening a position. Each dollar in such commissions is the equivalent of 0.1 pips in effective spread (on pairs where USD is the second currency). 

 

This makes the Classic/Silver account at Forex24 being charged a minimum of 1.9 + 0.59 ($5.90 per lot) = 2.49 pips and 1.4 + 0.49 = 1.89 pips for the Premium/Gold account. The latter isn’t that bad but still requires a substantial investment.

 

>>Compare forex spreads here<<

 

No one click demo

One can’t simply create a demo account at Forex24. Instead he has to wait for the company to manually approve him. This policy may protect the servers from over-crowding, but is simply not effective in the twenty first century. After several hours of waiting, we weren’t approved:

 

 

Conclusion

 

Forex24 is a CySEC regulated forex broker. While this factor brings a lot of viability to their offer, the spreads simply aren’t up to par with the rest of the industry. They aren’t ridiculously wide, but will definitely have an impact on your bottom line, if you are trading for a long period of time. 

 

There are many reasons why Cypriot brokers are considered credible trading partners. They local Commission is under the European MIFID umbrella and one of the most active watchdogs, when it comes to implementing rules for the companies it oversees. We will only mention two of the principles which guarantee the security of your funds below.

 

>>Find a more competitive CySEC broker here<<

 

1) segregation of client accounts – this is a common rule within the EU, which simply means your broker can’t take your investment and leave. This is done via special bank accounts, which have built-in protection.

 

2) insurance against your broker going bankrupt – All CySEC regulated companies must participate in the local Investor Compensation Fund. This is a system, which will repay you for funds you had with a broker, who has gone bankrupt (limited to €20,000).

 

The pros and cons of Forex24:

 

Pros Cons
CySEC regulation High costs of trading
STP business model No one click demo
Trading with MetaTrader4   
Convenient payment methods  
Decent minimum deposit   
High leverage provided   

Connected to ZuluTrade

 

 

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Traders` reviews for Forex24

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Client Nr 9192514

My short period with Forex 24 was a nightmare.
It is my duty to alert the naives not to trade with Forex 24 Lydya Finance Ltd.
Totally unreliable and quite dangerous.
I was forced to complain to the various official departments throughout Europe.

Ana Paula Cabrita 09/11/2019

Crooks

Dear Mr George Antoniou
Just for your knowledge
Mr Sino Machiavelli told me he substituted you because he had an higher position
He put my account with 137.14euros
Great brokers you have in Forex
Regards
Ana Paula CAbrita

De: Ana Paula Cabrita
Enviada: 2 de setembro de 2019 10:47
Para: 'Sino Machiavelli'
Assunto: FW: Regarding your account


Dear Mr Sino Machiavelli
As you had the opportunity to cancel the trades you had in my account during the weekend with a negative balance over 2400.00 euros , I am quite sure you will be able to rectify my account for the amount I had there on Friday morning.
According to my experience you made me to sign fictitious statements which is illegal in Portugal and anywhere in the world
I don’t like to work through that way.
My balance was in the morning as per statement.

Lydya Financial Ltd
A/C No: 9192514 Name: Ana Paula Cabrita 2019 August 29, 23:59
Closed Transactions:
Ticket Open Time Type Lots Item Price S / L T / P Close Time Price Commission R/O Swap Trade P/L
2182919 2019.08.28 12:20:37 buy 0.50 eurusd 1.10895 0.00000 0.00000 2019.08.29 18:16:06 1.10590 -2.90 -13.97 -137.90
2182925 2019.08.28 12:21:16 sell 0.50 usdjpy 105.803 0.000 0.000 2019.08.29 10:40:02 106.087 -2.62 -23.30 -120.80
2183791 2019.08.28 21:37:43 buy 0.50 usdjpy 106.045 0.000 0.000 2019.08.29 17:50:44 106.354 -2.62 -10.15 131.13
2184572 2019.08.29 10:43:51 buy 0.50 eurgbp 0.90884 0.00000 0.00000 2019.08.29 17:50:46 0.90787 -2.90 0.00 -53.42
2184656 2019.08.29 11:10:55 sell 0.11 tryjpy 18.175 0.000 0.000 2019.08.29 18:16:04 18.283 -0.10 0.00 -10.09
2184664 2019.08.29 11:12:56 sell 1.00 zarjpy 6.858 0.000 0.000 2019.08.29 18:16:02 7.014 -0.34 0.00 -132.49
-11.48 -47.42 -323.57
Deposit/Withdrawal: 0.00 Credit Facility: 0.00 Closed Trade P/L: -382.47

Open Trades:
Ticket Open Time Type Lots Item Price S / L T / P Price Commission R/O Swap Trade P/L
2185811 2019.08.29 18:27:40 buy 1.00 eurusd 1.10637 0.00000 0.00000 1.10559 -5.80 0.00 -70.55
2185842 2019.08.29 18:31:34 buy 1.00 xagusd 18.488 0.000 0.000 18.253 -16.72 0.00 -1 062.78
2185890 2019.08.29 18:45:26 buy 3.00 tryjpy 18.293 0.000 0.000 18.160 -2.69 0.00 -338.84
2185895 2019.08.29 18:45:54 buy 3.00 eurtry 6.46006 0.00000 0.00000 6.45276 -17.40 0.00 -339.39
-42.61 0.00 -1 811.56
Floating P/L: -1 854.17

Working Orders:
Ticket Open Time Type Lots Item Price S / L T / P Market Price
No transactions

A/C Summary:
Previous Ledger Balance: 8 808.75 Floating P/L: -1 854.17
Closed Trade P/L: -382.47 Total Credit Facility: 0.00
Deposit/Withdrawal: 0.00 Equity: 6 572.11
Balance: 8 426.28 Margin Requirement: 2 787.86
Available Margin: 3 784.25
Best Regards
Accounts Department
Please report to us within 24 hours if this statement is incorrect. Otherwise this statements will be considered to be confirmed by you.

Pse talk to you manager because it is unfair to loose in a couple of minutes nearly 6 000.00 euros with no intention whatsoever to trade the way you did.
I am quite sure you can rearrange to put my money back as it was before.

What I have mentioned to Mr George Antoniou was a genuine option.
You appeared with “virtual” profits and I am now short without being my intention for the reasons stated before.

Hoping to hearing from you soon
Regards
Ana Paula Cabrita

De: Ana Paula Cabrita
Enviada: 30 de agosto de 2019 12:29
Para: 'Sino Machiavelli'
Assunto: RE: Regarding your account
Importância: Alta

Dear Mr Sino Machiavelli
As I have mentioned to Mr George Antoniou it is my intention to close the Forex account because I found it very stressful
At the moment my balance is catastrophic and I don’t know if I ever recover the 9000 euros that I invested
I continue with the same idea to close the trades
At the moment I must wait for the recovery of the present loss.
During Mr George Antoniuo I had the candle stick to see the position
My application does not show that part
Is it possible to ask somebody at your office to reestablish the candle stick in order to see the movements
In conclusion
It is my intention to end this tradind but now when I recover the loss.
Doesn’t matter if I have a property that values so much.
At this stage are the 9000.00 euros which I will be lucky if I ever ecover.
Kindest regards
Ana Paula Cabrita

De: Sino Machiavelli
Enviada: 29 de agosto de 2019 15:00
Para: anapaulacabrita5555@sapo.pt
Assunto: Regarding your account

Hi Ana,


Best Regards,

Sino Machiavelli
Client Specialist


Tel: +357 25 26 21 10
Fax: +357 25 25 13 93
E-mail: sino.m@forex24.com
Web: www.forex24.com


Company Information: The domain Forex24.com is operated by Lydya Financial Ltd, a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) (License No. 300/16). Lydya Financial Ltd is located at 155 Ayias Fylaxeos, Ersi Court Suite 202, CY- 3083 Limassol, Cyprus.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with Forex24. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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ANA PAULA CABRITA 09/02/2019

GlobalForex24 has not paid me my earnings in 5 months!


I believe this platform is a scam or either is lax at regulating who uses it! I have over 3k sitting in this account that they say is mine but can't get it. I paid the fee of almost 500 dollars out my pocket to release as requested and still hav'nt been contacted back concerning my earnings! So I am dropping names so I expect my money asap! Richard Rosen of davies florida! Frank Campbell bitcoin investor profile name frankcampbell2g2! Email frankcampbell2g2@gmail.Com whos instagram page mysteriously disappeared after all this went down. Still got his emails though never answered his phone . Nor does globalforex24! I told ya'll I am coming for you you picked the wrong one! Pay me what you owe me ! I have emails and correspondence backing up my claim that you owe this to me and you verbally admitted it! In short scammers use this platform to take innocent hard working folk's money.. I am fighting back to get what's mine!

David L LEGETTE 06/07/2019
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